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Thursday, November 2, 2017

UTP Vendor Alert #2017 - 10
REVISED LINKS: Updated UTP Level 1 Data Polices Released and New Enhancements to the NORA Reporting Application


Markets Impacted:

Products Impacted:

  • UTP Quotation Data Feed (UQDF)
  • UTP Trade Data Feed (UTDF)
  • Bulletin Board Dissemination Service (BBDS)
  • Trade Data Dissemination Service (TDDS)

Contact Information:

What you need to know:

Which UTP Level 1 Data Policies have been updated?

This version of the Data Policies updates includes, but is not limited to:

  • Vendor Display Rule – a summary and link to the rule have been added
  • “Snapshot” reporting – the definition and clarification of snapshot reporting were added
  • Usage reporting policy – clarifications and due dates is now included

Will a redline version be posted?

A redline policy document is available at: UTP Level 1 Data Policies - redline version.

Are there any new fees associated with this change?

No. The UTP Level 1 fees will remain the same. It is possible, however, that some firms may see changes to assessed fees based on policy updates and clarifications.

What new enhancements are in NORA?

NORA is the system for Vendors to submit Summary and Detailed Usage Reporting for UTP Level 1 Information. With the recent NORA system enhancement, Vendors can now upload monthly Detailed Usage Reporting directly into the NORA system and receive validation emails upon successful submission. Note, the NORA system will no longer accept incorrectly formatted or incomplete Detailed Usage Reports.

The enhancement includes the addition of a new tab labeled “Detailed Reporting.” Within this Detailed Reporting tab are links to the UTP Data Policies, VRXLS Template, Detailed Usage Reporting Instructions, as well as current mappings for each Vendor Product Code to the corresponding Exchange Product Code for firms that have previously submitted a Detailed Usage Report.

The NORA system now allows vendors to access information via six tabs:

  • Home Tab– View open balances and link to online invoices for all accounts
  • Usage Reporting Tab – Enter Summary Usage reporting
  • Detailed Reporting Tab – NEW! Upload Detailed Usage Reporting files; view UTP Level 1 Data Policies, Detailed Usage Reporting Instructions, Detailed Usage Reporting template, and current Product Code mapping
  • Manage Accounts Tab – View and add/remove assigned account numbers
  • Update Profile Tab – Change contact and password information and change email notification settings

Has the upload file format changed for Detailed Usage Reporting?

Yes, one extra field has been added to the current file formats called Report Title ID. Files must use this new format in order to be successfully submitted.

The new field, Report Title ID, can be found in NORA under the Detailed Reporting tab and is a number unique to each Report Title Name. The Report Title ID is required if the detailed report row includes items that are billable to your firm, such as, for example, UTP Level 1 External Professionals or UTP Level 1 Per Query. In these instances, NORA will sum up the quantities for each Report Title ID for each reporting month and automatically enter the total into the Summary Usage Reporting Tab. Your firm will receive an email with the calculated total for verification and can view the totals at any time in the Summary Usage Reporting Tab.

Note, the Report Title ID is not required if the detailed report row is considered “non-billable” to your firm. A list of non-billable products may include a Data Feed Recipient or an Academic Waiver Subscriber. Please see UTP Detailed Reporting Codes to determine if the Report Title ID is required.

Both VRCSV and VRXLS formats are still accepted, but VRXLS is the preferred format.

What do I need to do?

Please review the Detailed Usage Reporting Instructions. Existing NORA users may begin submitting Detailed Usage Reporting files immediately regardless of having previously submitted files. NORA will prompt the user with instructions on correcting formats and mapping codes. Please see UTP Detailed Reporting Codes for suggested usage reporting codes.

For new users, NORA allows for easy self-enrollment. Simply go to the NORA website and click on the register button to obtain quick access.

Who should I contact for additional information?